Peak Oil Demand and the Middle East: Even More Bad News?
Peak Oil Demand is Bogus and the world will find out soon enough. But is that good season for Middle Eastern nations that run their state budget through oil proceeds only to sit tight and wait that one out? Nope, by no stretch of imagination. Because when oil comes back and oil prices hit USD 60 and more, shale will come back with a vengeance and it will be quickest to do so. While conventional producers are still pondering their next step, shale drillers will get fracking busy so that when conventional oil producers finally develop some new acreage, the market is mopped up. And as shale can make a living at levels that don’t allow some countries in and out of OPEC a comfortable living, this is a death spiral. Diversifying is a nice dream but we hear that story for decades now. To what result – right, not much. Some Middle Eastern nations seem to smell the new wind and the need to trade goods and services instead of blows. Those peace agreements will come in handy.
Watts Up With That? 
